Move Your Money To Become Non-Profit
MADISON, Wis-"Move Your Money" which started out as a campaign launched by Huffington Post urging consumers to move their savings out of big banks, now plans to become a non-profit organization. It is now seeking to hire several full-time staff and to roll out a national "Move Your Money" campaign. Its website has seen several million hits since launch, and it frequently extols credit unions.
NAFCU Wins Three Design Awards
ARLINGTON, Va.-NAFCU has won three American Inhouse Design Awards from Graphic Design USA for its annual meeting website, its 2008 Annual Report and its 2010 Chief Executive Officers Conference campaign respectively. The contest is open to organizations with inhouse design departments.
Community First To Close Branches
JACKSONVILLE, Fla.-The $1.1-billion Community First Credit Union will close its branches in Callahan, Fla. and Fernandina Beach, Fla., effective June 3.
Red Sox Player Signs With CU
BRAINTREE, Mass.-Liberty Bay CU has signed a deal with Red Sox first baseman Kevin Youkilis to sponsor his charity, Hits for Kids, in which the major league All-Star will make personal appearances for the credit union in exchange for a donation to his charity. The credit union also will establish a T-shirt program whose proceeds will benefit the charity under the three-year deal.
P&S FCU Pays $2.5M Dividend
NEW YORK-Polish & Slavic FCU is paying members a $2.5 million for a special dividend May 3. The date was chosen to coincide with the anniversary of the Polish Constitution of 1791. To qualify for the dividend, the individual or business must be a member of the PSFCU as of both Dec. 31, 2009 and May 3, 2010. Qualified members will receive a lump sum equal to 0.25% of their total average share balances for the year ended Dec. 31, 2009. It is the first time in the history of the $1.3-billion, 34-year-old Polish & Slavic that is has paid a special dividend. It follows the 2009 election of a new board representing candidates who cited the CU's 10.46% capital ratio and who had championed the idea of making the payment.
Loyalty To Retail Banks Down Again
WESTLAKE VILLAGE, Calif.-Perhaps not surprisingly, consumer perception of and loyalty to retail banks has declined for the fourth straight year in the J.D. Powers & Associates' 2010 U.S. Retail Banking Satisfaction Study, while satisfaction has leveled off. The annual study found overall satisfaction of retail banks' customers averaged 748 on a 1,000-point scale-a decrease from 749 in 2009. Customers also indicated they found banks to be more profit-driven than customer-driven vs. one year earlier. The potential good news for credit unions: the percentage of customers who indicated they "definitely will not" switch banks during the next year also decreased to 34% from 46% in 2007. The most oft-cited reason (37%) for changing banks was poor service. The second most cited reason (39%) was high fees.
2 HR White Papers Released
MADISON, Wis.-The CUNA HR/TD Council has released two new white papers:
* "Effective Credit Union Leadership Training" looks at success factors and benefits of a successful program, such as higher productivity, bottom line savings, alignment between values and the CU's culture, and a way to embrace the changes and challenges of the modern workplace.
* "LEAN-A Diet Credit Unions and Members Can Benefit From," examines the underlying principles and discipline of LEAN process review. At LEAN's core is the idea of re-engineering a selected task and eliminating unnecessary, outdated, and redundant steps.
2 Smart Financial Execs Retiring
HOUSTON-Two long-time executives who spent their entire careers at Smart Financial CU here are retiring. Cheryl Davis, CEO of subsidiary Smart Financial Resources, is retiring after 46 years. Davis started as a part-timer in high school then became a full-time teller and later developed the Smart Financial Resources subsidiary, where she has served as CEO since its inception. VP-Special Services Roger Granad also started as a part-timer in high school, going full-time in1968 and working as a teller, collections supervisor, branch manager, regional manager, assistant to the controller and finally VP.